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Tax Calculator 2024

Use our 2024 tax calculator to get an estimate on your 2024 tax refund based on your income. We will send you a personalised list of tax deductions to help maximise your refund. This income tax calculator computes estimated tax for Australian residents for tax purposes.


Tax Calculator

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Important Information


This calculator estimates your FY2023-2024 tax return. This means it is for your income between 01 July 2023 – 30 June 2024.


Our simple tax calculator is updated every year in conjunction with the Australian Taxation Office's Pay As You Go (PAYG) schedules. Find out more about the ATO's rates.


Please be mindful that our tax calculations are only estimates. To find out what your final tax return summary will look like, call 13 23 25 and let our tax accountants walk you through the tax refund process with ease. Our office locator will help you locate your nearest office and you can book an appointment online.

Important Tax Dates and Deadlines 

Here are some key deadlines to help with your utilisation of the above tax calculator and to guide your return 

2024 tax return 

  • For income between FY2023 and FY2024.
  • October 31 is your tax return deadline if you're lodging your tax return yourself.
  • If you use a tax agent or accountant, you may be eligible for an extended deadline. Contact us to see if you're eligible to register for an extension.

2024 BAS lodgment due dates

  • Quarter 4 (April - June) - due 28 July
  • Quarter 1 (July to September) - due 28 October
  • Quarter 2 (October to December) - due 28 February
  • Quarter 3 (January to March) - due 28 April

Frequently Asked Questions

In Australia, your tax return is calculated by subtracting eligible deductions from your total income to determine your taxable income. This income is then taxed according to progressive rates: 0% for income up to $18,200; 16% for income between $18,201 and $45,000; 30% for income between $45,001 and $135,000; 37% for income between $135,001 and $190,000; and 45% for income over $190,000. Additional levies, such as the Medicare levy (usually 2%), along with any applicable rebates or offsets, also apply. The final tax payable is calculated by adding any additional taxes due and subtracting any pre-paid taxes or withheld amounts, resulting in either a refund if you’ve overpaid or a bill if you owe more.

You might owe money to the ATO if the total tax deducted from your income throughout the year was insufficient to cover your actual tax liability. This situation can arise if your employer withheld too little tax or if you had additional sources of income that weren’t subject to withholding. Incorrect deductions or failure to report all income accurately can also lead to a tax bill. To avoid underpayment, ensure all income is reported correctly and all eligible deductions are claimed. Contact one of our Tax Experts to help ensure you meet your tax obligations.

To maximise your tax deductions in Australia, claim home office expenses if you work from home, including a portion of heating, cooling, and depreciation of office equipment. Deduct study costs related to your current job, such as course fees and textbooks, if they enhance your skills. Keep receipts for all work-related expenses, and electronic copies are acceptable. Deduct expenses incurred in earning your income, like travel and tools, but avoid overstating your claims. Stay organised with your documents and consider consulting a tax professional to ensure optimal deductions and accuracy in your tax return.

If you don’t lodge a tax return when required, you could face several consequences. If you earn above the tax-free threshold of $18,200, you must lodge a return annually. Failure to do so can result in ATO penalties, including a Failure to Lodge (FTL) penalty, which accrues at $313 per 28 days overdue, up to a maximum of five penalty units. If your return remains outstanding, the ATO may issue default assessments based on estimated income, which can lead to higher tax liabilities. In severe cases, prosecution could result in fines or imprisonment for up to 12 months. To avoid these issues, ensure you lodge your returns promptly or seek assistance from a tax professional to address any overdue returns and potential penalties.


Prep for tax season like a pro with our Tax Readiness quiz

Looking to confirm some details, or ask a question about this years return? Get tax ready in minutes and maximise your deductions.

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